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Getir Buys Grocery Rival Gorillas For $1.2B

 |  December 11, 2022

Turkish delivery company Getir has bought German rival Gorillas in a deal worth $1.2 billion that will merge two of the remaining companies in Europe promising groceries in minutes.

Serkan Borancili, who founded Istanbul-based Getir in 2015, shared the price tag on Twitter on Friday and said the combined company was now stronger.

The deal price is down sharply from Gorillas’ $2.1 billion valuation in its previous funding round in late 2021 – a sign the sector has fallen out of favour as companies battle to achieve profitability, join forces, or fold.